Author: ROB CUNNINGHAM CPA, CMA CHIEF FINANCIAL OFFICER ADHERERX INC. , CO-OWNER HOWE SOUND PHARMACY

Be Inquisitive, Be Knowledgeable; Be Receptive to Change.

The first law of healthcare business and medication adherence is “Care > Commerce.” It’s a scenario that can best be described as a win/win/win/win.

The patient wins because adhering to their medication improves their overall health outcomes.

The pharmacist wins because of the personal satisfaction it brings to improving their patient’s care.

The healthcare system wins because healthy patients do not go to the doctor’s office nor do they require treatment in the hospital.

The pharmacy wins … increased adherence directly improves pharmacy financial results.

The great thing about increasing adherence is you can increase your profitability without acquiring new patients. You only need to ensure your existing patients are taking their medication as prescribed.

What is the impact of medication adherence to pharmacy financial results?

Be Inquisitive, Be Knowledgeable; Be Receptive to Change.

Ask yourself … Do you proactively manage your pharmacy decisions or are your decisions a reaction to an event? Information is the key to making decisions about your pharmacy but, with so much the data; so many scripts; all the invoices that come from suppliers, it can be difficult to know where to begin. Stephen Covey said it best in “The 7 Habits of Highly Successful People” … begin with the end in mind. In the context of obtaining financial information… The end in mind is the dashboard.

Be Inquisitive, Be Knowledgeable; Be Receptive to Change.

Have you reviewed your accounting system?

Have you evaluated other accounting systems in the marketplace?

Do you know how much you are paying for your accounting system?

Do you view your accounting system as an asset or as a cost of doing business?

Do you know what information you can get from your accounting system?